Wednesday, November 21, 2012

The stress of dealing with landlord-tenant disputes in Montgomery County, Maryland

Being a landlord can be very rewarding, but like most everything else, it presents challenges.

The biggest complaint I hear from people is resolving payment of the repair the landlord's responsibility or the tenant's responsibility and so naturally who should pay? The first thing you should do is review the lease you signed and sight the verbiage that supports your claim. If it is either not clear and/or both parties are being firm in their positions, have a repair person come in and agree that based on the contractor's diagnosis, the appropriate person will pay.

The below link is a form from Montgomery County, Maryland that addresses either the landlord or tenant filing complaints against the other. It is important to note, that if you are looking for the other party to pay for the repair, this form is asking you for to provide receipts as evidence. So, I am not sure you can collect money if you do the repair(s) yourself.

Another challenge I hear from landlords is regarding the security deposit. First, related to the above, if due to tenant negligence and misuse the home needs repairs, the landlord not return the entire deposit if he/she provides the tenant with receipts for work done. However, the tenant can file a complaint that the repairs weren't his/her fault, so he/she should receive the entire deposit back. The form on the link below can be used to file a complaint regarding deposit.

The second challenge related to the security deposit is renters telling their landlords that they want the security deposit to be used as the last month's rent. I cannot recall a lease saying that a tenant can do this but read over your lease and seak legal guidance. If a landlord allows the tenant to use the deposit as last month's rent, or worse, decides not to collect a deposit when tenant moves in (yes, I have heard of people doing this!), the landlord is leaving him/herself extremely vulnerable if expenses come up that are the tenant's fault and/or the tenant breaks the lease. Again, the link below is a form which one can use to file a complaint.

Some landlords are afraid, for lack of better words, of enforcing lease guidelines when there are disputes, because they are concerned about potential follow out. It isn't always easy being a landlord or tenant. Many investors retain professional property managers and many people look to rent homes that are professionally managed because (1)they (property managers) are experts at handling landlord/tenant disputes issues - they do this for a living and (2) and it is a way for landlords/tenants to avoid the stress from being directly involved if/when there is a tenant dispute.

The most important thing to remember when you have a dispute with your landlord or tenant is not to take the law into your own hands. Follow the terms in your lease, get a copy of the local landlord-tenant handbook and before taking actions, seriously consider consulting an attorney.
Again, above is a Montgomery County, Maryland form for landlords and tenants to file complaints.

Below is a link for the Montgomery County landlord-tenant handbook:

Thinking about buying an investment property or converting a primary residence into an investment property?  If you are a renter in an unhappy situation, have you thought about buying?  Let's talk.

Adam (301)943-4370

Adam Bashein
Licensed in MD & DC
Weichert Realtors
(301)718-4100 - ask for Adam

Sunday, October 28, 2012

I received a nice note this morning...

“Adam's down to earth and sincere approach to business bundled with his thorough understanding of today's ever changing market, make Adam an indispensable resource. His calm and easy going demeanor transforms a potentially overwhelming experience into a positive and smooth process. I have observed Adam's superb interaction with his clients and therefore confidentially refer others to him. A wonderful guy and a great realtor!” October 28, 2012
Dave Weingot, Owner, Levdok Inspections LLC
If you or someone you know is thinking of making a move or has a real estate question, contact me today. I am here to help make your home dreams come true when it is good for you.
Life is good!
Adam (301)943-4370
Adam Bashein
Licensed in MD & DC
Weichert Realtors
(301)718-4100 - ask for Adam

Wednesday, October 17, 2012

Thinking of buying an investment property? Let's talk!

I work with people who buy and sell, primary residents and investors. Have you thought of buying an investment propety?  This investor was referred to me. I love referrals!

In addition to marketing and vetting out tenants, this transaction took a lot of work because of a language barrier.  But the owner and I hit it off well, she had confidence that I would produce for her and through a mutual friend we communicated.    The place rented for $1100.00 + utilities. I work in all price ranges, as long as there is a good connection between me and the potential client.   If you or someone you know is thinking about buying an investment property or has a question about investment properties, we should talk.    Adam Call:  (301)943-4370   Adam Bashein Licensed in MD & DC Weichert Realtors (301)718-4100 - ask for Adam  

Monday, October 15, 2012

Real Estate education through actual experience: who is responsible, the landlord or the tenant?

It was like an awkward moment people sometimes have at the end of a meal in a restaurant.
The bill comes and everybody is looking at it, wondering who will pick it either divide the bill or pay the bill.  That is actually why in some groups, to avoid this kind of situation, some people ask for separate bills.  They want to pay for what they clearly ate and drank. They may also want to avoid
being in situations where they have a differening opinion on how much to tip in general/how much of a tip is deserved.

My renter called me up early Sunday afternoon that when he was unlocking the door to the condo unit, the key broke in the lock and couldn't get the piece out.  So he asked if I could come down and try to get the key out or get a locksmith.   To make the coordination more difficult, he didn't have his phone or wallet with him, so he was actually calling from a restaurant. The manager was kind enough to let him to call me.  So, I couldn't just call a locksmith and tell him to meet my renter because there was no way the locksmith could reconnect with him as he got closer to the condo building.

So, fortunately timing worked, minus missing the Redskin-Viking game, and I was able to drive down to the condo right away. Unfortunately I couldn't get the key piece out of the door either so I brought in a locksmith. The locksmith gave a price and then asked for payment as he should. It was an awkard moment since I really didn't know "who was responsible" but it is my property billed to my name and address.  So I gave him my credit card and he took care of the problem.

In my several years as a landlord I never had such an issue.  I have dealt with appliance repairs, which are often addressed in leases.  In addition, the repair person can give you the root cause of the problem and from there you determine whether it is a landlord or tenant repair.

On the one hand, the key broke when he handled it and placed it in the lock. On the other hand, it is my lock and key.  We both wanted to do the right thing and at the same time neither of us wanted to pay for something that wasn't either of our responsibility.

This morning I described the situation to Jody Beal, the property manager at Weichert Realtors in Washington, DC.  She said the landlord should be billed. 

If you ever encounter this situation, don't just run with the above answer, as laws vary by jurisdiction.

If, as a landlord or renter you are ever in a situation where it is not clear/there is a dispute over who should be paying for a repair, as Judge Wapner said, "don't take the law into your own hands...", ask a third party, if your property isn't being professionally managed and you cannot determine the answer through reviewing your lease.  Try to avoid court. That could become more expensive than the potential repair. Hopefully mediating the issue answers the question and everybody walks away satisfied.

A number of investors retain a property manager because their job is to deal with such issues regularly, by drawing on their resources and experience.  In addition, as professionals, they don't get (hopefully) don't get as emotionally involved as the landlord/owner.  If the property isn't being property managed and you don't know a local property manager, please let me know and I will be happy to refer you to a professional who can review the situation.

If you or someone you know has ever thought of purchasing an investment property or converting a primary residence into an investment property, let's talk.

Life is good!

Call:  (301)943-4370

Weichert Realtors
Adam Bashein
Licensed in MD & DC
(301)718-4100 - ask for Adam

Thursday, October 11, 2012

I just received this testimonial from happy buyer--nearly 2 months after I sold a home to her!

"I was assisted by Adam Bashein to buy my first condominium. I would highly recommend Adam to be your real estate agent.  Adam was extremely patient in answering my multitude of questions, many which I asked more than once,  and he was  always available when I needed assistance and made time for me.  He also went above and beyond to help me and represent what was in my best interest.  In addition to getting some closing cost help from the seller, Adam found a way to to save me an additional couple hundred dollars in closing costs at no additional cost to the sellers(which cannot always be done).   He also stayed level headed and helped me keep perspective in a challenging negotiation." - J.L.

J.L. purchased her condo in Rockville nearly 2 months ago.  I almost always ask for testimonials before if not by settlement, when the transaction is fresher in the client's head.  J.L. did thank me profusely for working with her and said she would refer
me to people in the future, but never had written a tesimonial.  I will say that receiving a testimonial after a significant amount of time after a transaction occurred is very heart warming and made my day.

Let me make you or your friend's day today!  If you or yours is thinking of selling or buying a home in Maryland or Washington, DC, contact me for a free no hassle consultation!  Even if you aren't in the market but have a real estate question or comment, contact me any time.

Call:  (301)943-4370

Adam Bashein
Licensed in MD & DC
Weichert Realtors
(301)718-4100 - ask for Adam

Thursday, October 4, 2012

A recent speaking engagement I had about winning real estate listings

I wanted to share a recent success that truly humbled me. Recently my brokerage had a seminar and asked me to speak on a panel about how to win real estate listings. While I know there is a lot for me to learn, it is an amazing feeling that the brokerage thinks so much of my practices.

Anytime you or someone you know wants to talk about the market or has a real estate give me a call or send me an email. I am here for you. Don't make a move without me.

Life is good!

Cell: (301)943-4370

Adam Bashein Licensed in MD and Washington DC
Weichert Realtors
(301)718-4100 - ask for Adam

Friday, September 21, 2012

An important key to selling your home!

I just received a text message in response to a showing request I made for a property, that the agent needs to reach out to the owner or have the owner contact me because keys for the home are in THE OWNER'S LOCKBOX, so he (1)wants to know of showings and (2)she doesn't know (yet) the lockbox combination. Agents hate those lockboxes when it is dark, the lockbox numbers are sticky from humidity, tough to turn from the rain or frozen from the weather. Really, to encourage agent showings, keys should be in Sentrilocks at the homes. I do understand combination locks after homes are under contract so people cannot just go into the home any time. I just can’t understand how one loses such control of his/her listing, unless, giving the benefit of the doubt, the seller is very difficult and controlling, in which case an agent has to weigh the positives and negatives of taking the listing. The last thing you want to do is make a home hard to show. You want it to be easily accessible. Yes, I understand security. However, a ‘Sentrilock’ records when agents visits homes. I don't love show by appointments, which are also listing deterrents, but that is the cost of a home being owner or tenant occupied when it is on the market. Not a great move by sellers, but agents have to deal with the hands they are given when listing properties. The bottom line is if an agent chooses (or his/her client insists) to use a combination lock and I understand there may be good reasons, then there is no way the agent shouldn't have that combination number written down/saved on the listing papers. Hopefully I am able to get the combination in a timely manner, while my client is still interested in this home, rather than annoyed that it isn't so accessible and hopefully this agent writes the combination down in her listing notes. If you or someone you know is thinking of selling in Metro DC, now is a great time! Yesterday interest rates went below 3.50% after being up for 3 weeks. For a free no hassle pre-market consultation, contact me today! I look forward to working hard for you and producing sold results! Adam: (301)943-4370 Adam Bashein Licensed in MD & DC Weichert Realtors (301)718-4100 – ask for Adam

Wednesday, September 19, 2012

With your business and referrals, I was named a Top Office Producer in August

The words "thank you" can never be expressed enough. Real estate is a very competitive industry and with all the time, money and effort I invest in growing my business, the business would not grow without you have the confidence to both retain me for all your real estate needs and to mention my name when people tell you that they are considering moving and/or that they have real estate questions. I am here to help. Many thanks! Adam (301)943-4370 Top Producer August 2012 Adam Bashein Licensed in MD & DC Weichert Realtors (301)718-4100 - ask for Adam

Friday, June 29, 2012

I just sold a cooperative home in GHI. Are you familiar with Co-ops?

Many people are not aware that there are cooperative homes in Maryland. That is because there aren't too many as of this blog. The one above, which I just sold, is located in Prince George's County, specifically Greenbelt, Maryland. Many refer to the community as GHI. It is a nice community with many local amenities, including community pool, houses of worship, a library, shopping center and local business offices. If you commute to work, the GHI community is very near both the Baltimore-Washington Parkway and I-495. There is a train stop not too far away, just off of Kenilworth Ave/Route 201. University of Maryland, College Park is also close by. By the way, even if you do not have a car or your car is in the repair shop, there is currently a public bus that goes through the community. One of the unique aspects of co-ops is that you own a share rather than owning real property. So, currently, if your first "home" is in the GHI (or another local cooperative), you will still be eligible for first time Maryland home buyer benefits if and when the time comes for you to purchase a "real property"---a single family home, townhome or condominium. Condominiums and townhomes are "real properties", so if either one is the first Maryland home you purchased, you are eligible for the first time home buyer benefits at that point in time. Many cooperative communities have strict residential guidelines. Currently, in GHI, an owner must occupy his or her home. When one moves away (and either rents or purchases another home), one currently cannot rent his/her home out and keep it as an investment property. Some people consider it a benefit if most or the entire community is comprised of primary residents. From a mortgage standpoint, there are loan programs which can only be used based on a certain minimum ratio of primary residents to investors. So, one benefit of GHI is that there are many loan programs available to home buyers, although GHI only allows certain lenders to underwrite loans for its community. Another unique aspect of GHI, which I see as particularly advantageous for home buyers is the actual sales process! Home sellers must get a pre home sale inspection through GHI, address all the repair items which GHI comes up and have GHI come back for a second inspection to make sure that all the original inspection items were resolved and that no new inspection items come up. If new issues come up, then the seller must also take care of those issues to the GHI inspector's satisfaction. GHI does not allow a sale to be completed until all the GHI inspection items are corrected. In summary, GHI takes pride in their community and making it a desirable destination for home buyers. In addition the standard home buying process, GHI also requires all buyers to go through their specific home buying counseling , if you will, to make sure buyers understand how the community operates and to get pre-approved for a loan by one of the GHI approved lenders. Buyers also have to be approved by the co-op's board of directors before purchasing their home in GHI (as is the case in other co-op communities). So, the intentions of this blog are to introduce and familiarize you with cooperative homes and to specifically introduce you to GHI, as I just sold a home there. There is a lot to learn about co-ops in general and specifically about GHI. So, I encourage you to read more, ask me questions and let’s get together to discuss the market. I will say that purchasing a co-op, like single family homes, condominiums and townhomes takes a lot of time, diligence and attention to detail. However, there are very unique aspects in the sale of a co-op, which I think a person can only understand up front if he or she has previously purchased a co-op or if he or she is a realtor. Many of us have people we confide in on important matters, like buying a home or buying a car. We want to talk with them about their experiences and things to look out for. The key, with GHI and other cooperative communities, to me, is that these people have firsthand knowledge and experience to draw on. If you or yours is considering moving into a cooperative home, a condominium community, townhome or single family home, it would be my pleasure to get together to discuss the market, your wants and needs and to begin the home sale process. I appreciate and always have time for your referrals. The above information deemed to be accurate but not guaranteed Thank you, Adam Call: (301)943-4370 Adam Bashein Licensed in MD & DC Weichert Realtors (301)718-4100 - ask for adam

Monday, June 25, 2012

Enhancing search criteria to simultaneously create more homes for the buyer and to create more prospects for home sellers!

One of the challenges that realtors, sellers and buyers have is that the Maryland and Washington, DC Multiple listing Service (MLS) does not currently have the option of adding den or office as home criteria. For example, some buyers want homes with 2 bedrooms, where an extra room could be used as another room for a resident, guest or just as an office. However, in some cases, these homes are listed out of their price range and so the buyers have to either make a very low offer or wait for a price reduction, hoping no other buyers can afford/will pay for the home at its current list price. So, they and their agents talk about other possibilities, how to adjust the search and if there are criteria which the buyers can compromise on. Meanwhile, there are owners/sellers who were perhaps, once, in the same situation and bought homes with 1 bedroom + a den or office. They want to reach the buyers who would either cannot or do not want to pay for a 2 bedroom unit. The problem is that the owners'/sellers' homes may not stand out to buyers and their agents as more than being priced significantly higher than other 1 bedroom homes, where the difference in price could not be justified alone by the difference in square footage, because MLS doesn't have a place to automatically add den or office in addition to adding number of bedrooms and bathrooms, for instance. Some agents like myself are aware that such listings will only grab buyers' and agent's attention by making sure to both include a photograph of the den/office in the listing and including in the "general remarks" and "internet remarks" that the home is "X bedrooms plus a den/office." An extra step I take as your buyer agent in finding homes with extra rooms that are not bedrooms is scrolling down the search criteria I created for you and in both the "general remarks" and "listing remarks" add the words den and office, to capture these addition listings to review and for you to consider. Finally, for right now, when I am not finding homes that match your criteria in number of rooms, is adjust the search criteria to number of levels in the home. By doing this, I may come up with homes that are 1 bedroom lofts. This is often a great solution for 2 groups of buyers: (1) The buyer who wants a one bedroom home, but we only come with efficiencies in his/her price range, so at least the loft is a 2nd level, Separate living space; (2) The buyer who wants a two bedroom home/1 bedroom plus den or office and either no such homes are currently coming up in the search or they are coming up in a price range that doesn't work. They say that the 3 most important words in real estate are location, location and location. I would argue that the 3 most important words in real estate, for both home sellers and home buyers are location, language and realtor. The better the location the more buyers for the home, which often drives the demand and price up for that home. Sellers need agents who knows effective language to make all criteria for his/her home to stand out, while buyers need agents who do out of the box home searches to find their homes, including what I call a key word search. Finally sellers need realtors to effectively market their homes through language, syndication, marketing and representation, while buyers need realtors who know how to best represent their interests and find homes that meet their wants and needs. Sellers and buyers need agents who work hard, smart and out of the box to bring sold results. If you know any sellers or buyers who would benefit from my services or from at least this blog, please share! I appreciate you considering me for your real estate needs and referring me to people who need realtors to work for them. Life is good! Adam Call: (301)943-4370 0. (301)718-4100-ask for Adam Adam Bashein Licensed in MD & DC Weichert Realtors I always have time and very much appreciate your kind referrals

Thursday, June 14, 2012

Don't cross the street without looking both ways first: how you should approach buying or selling a home.

The title of this post is inspired by a client. You should look both ways when doing a home search/home sale because of the many aspects in the home buying (and selling) process; (2)specific criteria related to the neighborhood you are buying in (or selling) and what one buys, one often eventually sells. Know the ins and outs of the home sale process before you begin looking or marketing your home for sale. An important but overlooked aspect in buying a home is considering all the implications when it is time to sell. If you are buying a home in an H.O.A., condo or co-op community, understand all the rules and regulations regarding selling or renting your home out when it is time to move. It is hard to consider such things when you are in what I call “the romance of buying”. I am working on a transaction where the sellers have to bring an extra $10k to settlement to make up the difference between the sold price and the mortgage balance. Yes, the sellers are selling their home for less money than it is worth, but they are not doing a short sale. One reason they aren’t doing a short sale is because they are buying a new home and their credit would suffer so much that they probably wouldn’t be able to get a loan for buying a new home without a guarantor. So you may ask why the owners aren’t renting their place out instead of selling it. I do think this is the right market to hold onto a home as a rental when you move just in case a seller cannot net what he or she wants and because the rental market seems to be stronger. The community guidelines say that all owners must be primary residences…this means no investors. Therefore, when it is time to move, one has to sell. A buyer needs to consider this and say this may be ‘the cost of doing business’, if when it is time to sell, he/she cannot sell their home for more than it is worth. Their situation may be different and they could consider doing a short sale. In this particular case, it has been a rather costly few months for the sellers as they just got married…paid for the wedding themselves, buying a new place and are now selling their old home at a $10k + loss. I hope that the sellers also buying at a lower price. It is hard to buy low and sell high, so hopefully the sellers get a good deal on their new home. I was asked whether it is a good idea financially to buy in this neighborhood. I said it would be a bad idea to buy this home if the plan is to move in one or two years, but a sound decision, even though the market is unpredictable, if the plan is to live in the new home for several years since the only option is to live in the home. So, please, if you are buying a home in an H.O.A., condo or co-op community, read the association documents (they may be called by a different name) very carefully to understand all of the rules and regulations of the community. Currently, there is a contingency period in the Maryland and Washington, D.C. sales contract for reviewing the documents. If you have questions, don’t hesitate to ask your realtor. And, work with a realtor who is a consultant and your advocate. If you or someone you know is thinking of moving, wants to know the ins and outs of the process and aren’t working with a realtor, I would love to talk with you about your plans and how I can make your home dreams come true. Life is good! Adam Call: (301)943-4370 301-718-4100-ask for Adam Adam Bashein Licensed in MD & DC Weichert Realtors

Sunday, May 13, 2012

Testimonial from a recent transaction

"Adam is the finest real estate professional we've had the pleasure of working with. He is extremely patient and a great listener. We recommend Adam with great enthusiasm and without reservation." Service Category: Real Estate Agent Year first hired: 2010 Top Qualities: Personable, Expert, On Time" M.R. This client recently purchased a home after nearly a 2 year home search with me. If you know somebody who is in the market to sell or buy a home, I always have time for and greatly appreciate your referrals. It may take a month, a year or two years to complete the home sale process, but I will be there for you and yours until we find the right match in home buyer (if you are selling) or home (if you are buying). Life is good! Adam Call: (301)943-4370 (301)718-4100 Adam Bashein Licensed in MD & DC Weichert Realtors

Friday, May 4, 2012

Testimonial from home owner who I assisted in the refinancing process.

Details of the Recommendation: "While I applied for my refinance of my mortgage, without being prompted and for no payment, Adam voluntarily did some research on comps that I was not able to do. This was invaluvable (sp.) for my application, as it let me skip the appraisal and qualify instantly for the mortgage, saving me time, hassle, & money. I am very grateful for his help!! Thank you so much!!" Service Category: Real Estate Agent Year first hired: 2012 from Harpaul Kohli Top Qualities: Great Results, Personable, Expert My goal is to be a full service real estate agent and your real estate agent for life. This means that I am here for you and yours, whether it is for buying, selling, renting, talking about the market, refinancing and here to help in any way I can. < It is important to me that my client felt he received the same effort level as he would have if he was selling,buying or renting a home, which is how I earn paychecks. I am delighted that my efforts yielded good results for him and will be here for him when it is time to move or evaluate the market conditions again. If you or yours are in the market to buy,sell or rent real estate, want to talk about the market, evaluate the value of your home, please let me know. I am here to help and always appreciate your referrals. Life is good! Adam (301)943-4370 Adam Bashein Licensed in MD & DC Weichert Realtors

Tuesday, May 1, 2012

Homes are selling in Potomac, MD and in Montgomery County, Maryland at an alarming rate! Inventory is low. Need owners to list their homes for sale.

From this morning's sales meeting, I learned that the market absorption rate for Potomac, MD currently is 1.74 months. As a whole, in Montgomery County, Maryland, the current absorption rate is 2.26 months. Absorption rate in its simplest terms means the rate/time it would take to sell all the homes on the market if no more homes were listed. In Potomac it would take 1.74 months and in Montgomery County, Maryland it would take 2.26 months. Sounds like a seller's market to me! If you are thinking of selling, their are buyers out there, but not enough inventory. Due to the low inventory we are seeing many multiple offers locally. It's time we talked about the market and how I can make your home dreams come true and I always appreciate your referrals. Life is good! Adam Call: (301)943-4370 (301)718-4100 Adam Bashein Licensed in MD & DC Weichert Realtors

'For Sale by Owner' savings when cooperating with Buyer agents.

Through conversations with home owners who are attempting to selling their homes by themselves, rather than listing their retaining a realtor and interestingly, it never occurred to them that you can have agents bring in potential home buyers even when you are doing a "f.s.b.o." They thought it had to be either all (agent for both sides) or nothing (no agent for selling or buyer side). The fee which sellers pay buyer agents at successful settlement is determined up front. If the seller does not agree to pay the buyer agent a commission, then the buyer agent and buyer must come to an agreement on compensation if the buyer purchases their dream home, which happens to be a for sale by owner. There a number of benefits to telling buyer agents that you will cooperate with. In fact, home sellers who are not listing their homes for sale with realtors should still advertise on the internet and on their yard signs that they are cooperating with buyer agents. I saw a sign in my neighborhood that says owner will cooperate with buyers and said to myself that the sellers are smart business people to be so forward thinking. 1. Many prospective buyers are inexperienced at real estate transactions and need a lot of handholding when buying a house. Buyers' agents are good at this. We are talking about first time home buyers and buyers from out of state or out of the country even, who have never bought locally before and or never bought locally. 2. Many prospective buyers are already working with real estate agents, and are expecting their agents to show them all available houses. Unless you offer a commission, these buyers may never learn about your from their agent, unless the agent and his/her buyer make a compensation agreement if the seller will not cooperate with buyer agents. 3. Some prospective buyers are so frightened of making a mistake that they become paralyzed with indecision. A good buyer's agent can help allay their fears and coax them into making an offer. 4. Agreeing to cooperate with agents doesn't prevent you from selling to an unrepresented buyer. You can still work with buyers who don't have agents. It is just important that the seller and buyer both understand and can go smoothly through a contract and the sales process through settlement. 5. By offer to cooperate with buyer agents, you may be able to purchase from a limited service's broker/company the right to place your home on M.L.S. for sale and advertise the home for buyer agents to notice. If your home isn't in M.L.S., you are missing a huge pool of potential buyers who have agents looking out for them. All realtors should put their listings in M.L.S. and many more real estate websites to grab the biggest pool of clients, with stronger internet marketing, which is a great value. Still, if you decide not to list (at least try yourself first), put in a full effort to get your home in M.L.S. 6. You can always accept or reject any offer based on price, terms and conditions if you aren't happy with what you might net from the sale or the conditions are too severe. By cooperating with buyer agents, at least you have one person in the transaction that sells real estate for a living, has access to and knows the sales contract very well. Furthermore, the agent can coordinate and open the door for appraisal and inspections so seller doesn't have to coordinate his day schedule, which could involve staying home from work, cancelling other plans. Agents earn their commission not just through having a buyer, but being involved in the entire sales process from contract signing to settlement. I am meeting an owner tonight to review and hopefully execute a contract from one of my buyers. He is delighted that I found a buyer for his home and hopefully the deal works. Any time you want to chat about real estate, either as a seller, buyer or renter, whether you are thinking of moving, have questions or even have friends to referral, please let me know. I am here to help and make a difference. Adam Call: (301)943-4370 (301)718-4100 Adam Bashein Licensed in MD & DC Weichert Realtors

Monday, February 27, 2012

Recognized for my 2011 Real Estate Production

I am proud to announce that Weichert Realtors just named me to the 2011 Director's Club, which includes agents who either sold $2.5 million dollars in homes and/or had 10 settled transactions in 2011. There are always buyers and sellers out there, in what people deem to be "good markets" and "bad markets". It is about hard work, always having time for people, listening to their wants and needs and being there whenever they are ready to make a move.

Thank you very much for your feedback, calling on me and referring me to your family and friends, who need superior real estate services. I always have time for your referrals and am there whenever you need me.

Life is good!
Call: (301)943-4370
Licensed in MD & DC

Weichert Realtors
0. (301)718-4100 - ask for Adam

Monday, February 6, 2012

Do you know what "Rent with option to Buy" means or entails?

A number of people, mostly people who don't own homes, have mentioned to me that they would like to be in a "rent with option to buy" situation. I am enough to say that I learned a lot about "rent with option to buy" from Jody Beal, the property manager for Weichert Realtors in Washington, DC. My office was fortunate enough to have her speak a couple of weeks ago at a meeting. I have had a couple of follow up conversations and emails with Ms. Beal to make sure I have a pretty good grasp on this subject so I can have more thoughtful discussions when people bring this topic up with me.

What is "rent with an option to buy" and is it good or bad for me to enter into one of these arrangements (whether I am the renter or I am the home owner.)?

So, I wanted to share with you a few things I learned and by all please check with a property manager and/or real estate attorney before agreeing or disagreeing to a "rent with option to buy" proposal.

There are several reasons why people want to have an option to buy a home that they will rent and I am sure that below doesn't cover very possible scenario. But, it gives you an idea as a possible renter and a possible home owner.

One reason why renters want to have a lease with option to buy because it is holding a carrot of possible ownership. They want to have in writing "the American dream" of home ownership. So, why don't they just buy a house? For some it is because they don't know the neighborhood well and want to make sure they like the neighborhood before buying in the neighborhood, but they want this house just in case they decide it is the right neighborhood for them. The question I sometimes ask myself is why don't you just rent (without this option) and/or what if another home comes up that you like better when you are under this lease with option to buy agreement. I will address this in a little bit.

Another reason people pursue this option is because they don't have good credit, a good debt to income ratio and/or they can't qualify for a high enough loan amount, so at this point they can't buy. But they want to hold onto the dream of buying if a home owner will agree to a rent with option to buy. But the question that begs to be asked is if they don't have good credit or a good enough debt to income ratio, how are they going to improve their debt to income ratio by paying a premium for this option to rent? Does paying this premium increase the ratio?

Another possible reason people may want to rent with an option to buy is because they have a job and aren't sure how long the job is going to last. Perhaps the job is a contract and there is a possibility that it can turn into something "long term" at which point a person would want to go forward and buy the house. They may really like the house and want to be able to buy it as soon as their employment situation is clearer.

The last reason I will mention is that people may be in a transitional state of a relationship. Perhaps they are engaged and don't want to purchase the home until they are married or if G-d forbid they are through a troubled relationship and want to resolve the issues, make sure they are in a good committed relationship before buying a(nother?)home together.

Things to consider if you are a home owner and a person approaches you about renting with an option to buy:

When somebody approaches you and says they want to rent with an option to buy, they are basically telling you (and they may know this or not know this already)is that you cannot sell your home to somebody else besides the renter as long as the rent with option to buy contract/clause is still valid. You are in an exclusive relationship, almost promising to get engaged to somebody or you are engaged to somebody until the right time comes that you are both willing, able and desire to go forward.

As an owner,because you are being asked for this exclusive relationship, I suggest a couple of things to ensure that the people renting are financially vested and that it isn't just you being tied down to them. You should derive a benefit.

The first thing I would suggest is charging a slightly higher rent since you cannot market your home to sell to anybody else if you decide you no longer want to own the home, if it is within option to buy period of a contract. Should you go forward to a purchase,then you will apply the premium charged above the rent cost to the renter's closing costs for purchasing the home. The second thing I would do is charge a significant fee, perhaps 3% of the agreed upon sale price to enter into a rent with option to buy contract. This 3% will be applied to the purchase, but if the renter decides in the end not to purchase the home, is unable to purchase the home at the end, that 3% is the home owner's money, since the owner was locked into a possible purchase with the renter to the exclusion of anybody else during the option period.

The owner and the renter should draw a contract specifying how long this rent with option to buy period lasts. For the renter, the longer the time period the better and for the home owner, the shorter the time period the better so he doesn't have to worry about being locked in if it becomes evident that the renter cannot go through with a purchase.

As a home owner, again, you should insist on a significant fee,perhaps 3% of the sale price from the renter that gets escrowed, to give you some assurance that the people renting are actually serious...financially vested and have demonstrated a financial ability to be able to buy, but they don't want to buy the house yet.

There is usually a separate contract for a lease and for the potential purchase at an agreed upon price or the renter and owner agree to send out a couple of appraisers and take the average number as the price.

Sometimes in a rent with option to buy scenario, since the renter cannot go forward with purchase of home at the time but has every intention to, the renter and owner agree that the owner will make repairs but when it is time for certain things to get replaced, perhaps a toilet or oven, that the renter will pay for the new item since in theory this is going to be his/her house and he/she should then choose the type of appliance. This could be a negotiating point.

Something that home owners in a rent with option to buy scenario should watch out for is as the lease period comes closer to the end, the renter may be asking for bigger repairs on items that don't actually need to be repair, but they are old. For instance a renter might be trying to get out of buying a new roof in the first couple years of ownership,so he/she might say there are roof problems and the roof needs to be replaced. It is possible that the roof needs to be replaced, but I would bring out a contractor or home inspector to assess the roof, if it is damaged or not before saying yes or no. But this is why the idea that a landlord in a rent with option to buy scenario takes care of normal repairs and the renter takes care of new items for the home.

Some advantages of renting with option to buy:

*Helps buyer build down payment if owner and renter agree that portion of rent be applied to down payment if renter buys

*Again, owner of home could let renter make improvements to home to his/her liking since renter wants to buy home. Owner will still take care of standard maintenance,repairs as a landlord would

*A renter gets to know a neighborhood prior to buying...but on the other hand you don't need rent with option to buy in order to do this

*Helps renter build credit history so lender can approve you for a loan. The question though is that buy paying a premium for a rent with option to buy option, aren't you increasing your debt to income ratio?

Some disadvantages of rent with option to buy:
*A landlord may charge higher than market rent since as condition that part of that rent would be applied to down payment.

*You may lose your down payment, the 3% up front fee (or whatever you agree to) if renter decide not to go through with the purchase.

*Most of the time rent with option to buy don't come to fruition so the renter could lose a lot of not refundable money and the home owners could lose an opportunity to sell the home to somebody else (even if that person offers better terms!).

*You may want to check with a lender on the amount of closing help a home owner can give you when you buy the other words, what if the lender won't allow the down payment and/or additional money applied from rent to be applied to the buyer closing help with the type of loan you want?

*As a renter,you want to make sure the owners are motivated and cooperative in doing repairs for items in the home, as he or she would in a "traditional rental situation".

By the way,if somebody has recently put their home on the market for sale, the chances are slim that he or she wants to be a landlord,which is what you are asking them to do with a rent with option to buy. My suggestion is to bring up this possible scenario to people whose homes have been on the market for a long time and haven't sold. Sometimes the listing remarks for homes say, rent with option to buy. Some homes listed for rent may also say in remarks that they would consider renting with an option to buy. Some owners might consider this if they are renting in hopes of selling when the market is better (in which case they might agree to sell at a certain point based on an average of appraisals). Other owners might be holding onto the properties as long term investments, but you never know unless you ask what their intentions with the home are.

An alternative to "rent with option to buy" is for renter and home owner to sign an agreement that the renter has the "first right of refusal" if the owner decides to sell the home. The owner may ask a renter to pay a little higher rent for this option, since a renter is getting an opportunity to match or make a better offer on a home than a potential home buyer who makes an offer of purchase to the home owner. The good news for a renter is that while he/she is paying a higher rent, there is less money to lose than in the rent "with option to buy" scenario if he/she decides not to purchase the home.

A final note on people buying homes from their landlords. At any point during the rent period,and I mean literally any point (i.e. 1 day, 1 week, 1 month, 5 months, toward the end of the lease, any other time during the lease) either a landlord can tell the renter that he/she would like to sell the home to the renter and could they agree to a terms OR the renter could tell the landlord that he/she wants to buy the home and could they agree to terms. If you go this route,then the buyer is less financially vested in the home and doesn't (a)pay a premium rent or (b)a big up front fee for the exclusive right or first right of refusal to buy the home should the landlord decide to sell when the person is renting his/her home.

I hope this blog is helpful and has shed some light on the "rent with option to buy" topic and if it is for you as a home owner or potential renter.

If you are thinking of renting and want to talk more about rent with option to buy, or rent with first right of refusal, I would be happy to talk with you. Just call or send me an email and I will be delighted to connect you.

Meanwhile, if you or someone you know is thinking of selling or buying, I greatly appreciate and always have time for your referrals.

Life is good!
Recognized Top Office Producer

Call: (301)943-4370
Adam Bashein

Licensed in MD & DC
Weichert Realtors

301-718-4100 ask for Adam

Thank you for your kind referrals
information deemed to be accurate but not guaranteed

Monday, January 30, 2012

Testimonial from a satisfied customer who I recently completed 2 real estate transactions with

Throughout both the purchase of our new home and rental of our old,
Adam Bashein was there to help us every step of the way.

Adam was extremely attentive to our interests, patiently taking us to see
several homes and always listening to our opinions and concerns.

Adam was indispensable during the actual contract and closing
process--guiding us through what might have otherwise been a difficult

Most importantly, we always had the sense that Adam was
on our side, and looking out for our best interests.

Thanks to him we got the home we wanted at a price and under conditions that we were
comfortable with.

When it came time to rent our old home, Adam had a
renter lined up in a matter of days.

We were extremely pleased with our experience working with Adam, and would recommend him wholeheartedly to anyone looking to buy, sell or rent a home. Josh & Adina Obstfeld, January 2012.

If you or yours is thinking of selling, buying or renting a home, now is the perfect time with the spring market upon us. I always have time and greatly appreciate your kind referrals.

Life is good!

Call: (301)943-4370

(301)718-4100 ask for Adam
Adam Bashein
Licensed in MD & DC
Weichert Realtors

Tuesday, January 24, 2012

I am ready to sell my special and unique home.

It is fairly common for home sellers to feel their homes have special qualities and attributes, both tangible and intangible, so they can rationalize pricing their home at a higher point than other similar homes in the area that are on the market or have sold (more emphasis on the prices of homes that have actually sold).

How can home sellers prepare themselves for the market and position their homes so buyers will see the added value in their homes and want to buy their homes at or near the asking price?

Here are a couple of suggestions:

*In advance of getting your home on the market bring in a professional appraisor to see what in his/her professional opinion the home is worth. This is a good investment whether you have no idea where your home should be priced or if you and your realtor have a big difference of opinion on what the list price should be.
If he/she comes in at or near the price you think the home is worth, then you may be spot on with the pricing.

If a buyer purchases a home with a loan, then the home is going to have to appraise at the sales price otherwise the buyer won't get a loan at the purchase price and may choose not to buy the home unless the seller agrees to reduce the price to what the home appraised at. It's possible that the appraiser assigned to the buyer's loan will come in at a different price opinion than the seller's appraiser, but at least you have a basis for where to price the home and if the appraisers come in at difference price levels, the buyer and seller can agree to split the difference in price. If I listed a home where the seller got an appraisal in advance, I would note that in the listing remarks and if I was able to connect with the buyer's appraiser which isn't always possible, I would give him/her the appraisal report as well to show what another expert in his/her industry came up with. If home doesn't appraise and buyer loves home and would otherwise agree to price, offer owner-financing.

*Offer closing help to the buyer.

*As a seller, if there are homes on the market that are similar to yours, as the home seller I would look at them so I have a feel for the competition beyond and can see for myself in person, beyond the internet, newspaper and what people tell me, how the home compares to your home. Ask yourself what you would pay for that home.

*List all of the home improvements, repairs, anything that is particularly new (i.e. a new kitchen, new windows, and new roof, so buyers appreciate the extra value.) If there are short sales and foreclosures nearby that are listed for sale, often such information is not available at foreclosure and short sale listings. So in addition to appreciating how well you have kept your home, buyers may have more confidence in buying your home than foreclosures and/or short sales.

*Make sure to point important features about the neighborhood itself and if it is near the highway/beltway, public transportation, if it is particularly close to large office buildings, medical centers. Think about and list destinations near your home that add value and may be an extra selling point for buyers.

*If you bought a new home or have a new home under contract, know how long you can potentially manage the financial obligations and upkeep of both homes (mortgages - if you don't own your current home outright and/or bought your new home with a mortgage) ,utilities, condo fee/H.O.A. fee(s) if applicable, maintenance and repairs, etc). That will help you from a financial perspective determine if it is a good decision to try pricing your home at one price point and seeing what happens for a short period of time before adjusting the price to other homes in the market, if you don't get the desired results. Talk to your financial planner/advisor.

*Agree to list your home at the price you want and if the home doesn't get much buyer traffic or any offers in the first couple of weeks, agree to reduce the price closer to market. Agree to a series of price improvements if you aren't getting desired results on your home at certain time intervals (i.e. every 2/3 weeks evaluate the situation or less if other homes are going under contract!) The worst thing that can happen to a seller is deciding to test the market and seeing if he/she can get a higher price than what other homes are selling and by the time that he/she agrees to reduce the price to what other like homes were listed for, those homes also went down in price so you are still overpriced. Talk to your realtor at least weekly for a market review.

*Monitor foreclosures and/or short sales in your area and you are concerned that buyers will offer you prices based on those active foreclosures and short sales rather than based on your homes value, then wait for those homes to sell. Foreclosures tend to be priced aggressively so banks can get the homes off of their hands. The challenge is that you never know when the next foreclosure and/or short sale will come on the market. On the other hand, to reiterate what I said above, if you have good records of the improvements and repairs to your homes, then more buyers will be drawn to your home than to the short sales and foreclosures, where you often don't have records to such information.

*Consider staging your home...which could mean moving furniture around, placing a runner on your dining room table, folded towels in the bathrooms and/or hiring a professional stager to help you. A number of stagers rent out furniture that they feel will help make your home stand out to buyers and get desired results. Consider painting rooms in more neutral colors. Replacing old worn out wallpaper and painting where the wall paper was. Depersonalize the home so there aren't family pictures everywhere. Keep it to a minimum. On the one hand you want buyers to see that you loved living in the home. On the other hand you want the home to feel like it is ready for them and want them to focus on the features of the home rather than the family portraits. The home should have a warm, cozy, well kept and classy feel that will move buyers to loving your home. And make sure your home is kept neat all the time. If you are serious about selling, your home needs to look and feel pristine, special and a great value to every home buyer who comes through it.

*Make sure your home is easy to show, whether it is a Sunday afternoon or a Tuesday evening after work, rain, snow or shine. If a home is hard to show, some buyers and realtors will decide your home is not worth the effort in coordinating showings.

In summary, if you want the list price of your home to be above what other like homes have recently sold for, I suggest bringing in a professional appraiser, preview the competition and have a plan for systematic price reductions if you don't get offers by certain dates. If you reject an offer and a second offer comes in at a similar price, I suggest you take or negotiate the offer because that tells you what multiple buyers think your home is worth. If you won't work with the second offer, then you should probably take your home off the market. Before listing your home, if you have a new home purchased or under contract, review the numbers and talk with a financial planner about the costs of owning 2 homes and how long you can comfortably do so (and factor that into when you would agree to price reductions if you don't get offers on your home). Have a copy handy of all the repairs and home improvements made to your home so buyers can see what you have done in comparison to other homes that are on the market or recently sold. If there are foreclosures or short sales that may hurt the value of your home, consider listing your home after those homes go under contract. Make sure your home shows well and is staged to feel, warm and cozy. Remember, your real estate agent is working for you. If he or she doesn't deem your home to be saleable by price and/or property condition and that you won't agree to improve either of these over time if your home doesn't get a contract, then he or she may not want to list your home.

If you or someone you know is considering selling their home and is looking for a full service agent, give me a call. All appointments are personal, professional and confidential.

Life is good!

CALL: (301)943-4370
301.718.4100 - ask for Adam
Adam Bashein
Licensed in MD & DC
Weichert Realtors

Friday, January 6, 2012

Testimonial from another satisfied customer who just bought a new home

When we decided that we wanted to buy a condo near to our daughter's family, our choices were extremely limited. We were specifically hoping for a "short sale" or "foreclosure" unit in University Towers. Our daughter suggested that we call Adam Bashein, because (in her words), "He's the kind of agent who will really take care of you." How true that proved to be! Adam had endless patience with us. We had so many questions, which he answered clearly, thoroughly, and responded quickly to us, whether we were reaching out to him via email or phone.

"We had spotted a "short sale" unit on an internet listing. Adam immediately informed us that that unit was already under contract -- but from that moment on, he was on the lookout for something for us. Several days after our initial inquiry, Adam was back in touch with us: The condominium we were interested in was back on the market! He arranged his schedule so that we could see it as soon as possible, and then we gathered in his home office to fill out a contract. Unfortunately, at the same time someone else filled out a contract for more than the asking price, and thus they got the contract.

Adam started using his experience and detective skills, checking into units that he thought might be coming onto the market soon. However, before anything came of that, he again called us with exciting news: "Our" unit was back on the market! The people who had outbid us for the contract had not been able to secure financing.

Adam than helped to steer us through the minefield of rules, regulations, and necessities prior to settlement, helping us to understand the language of the settlement documents and to make changes where he or we thought it was necessary. There was great pressure on us, because the sellers wanted to settle before the end of November and we did not feel we could settle until we had had a chance to go through the condominium documents (as required by law). Adam was able to negotiate a delay of settlement into the first week of December, giving us time to receive the condominium documents and go over them.

In summary, we are extremely grateful to our daughter for having recommended that we call Adam. He is a delightful person to work with, who helped to turn what could have been a tense and miserable situation into a pleasurable experience -- and (most important of all!) made it possible for us to purchase our condominium."

Ann L. Parker
Theodore S. Parker


If you or somebody you know is thinking of selling or buying a home,let's talk about the market. I am here to help and it would be an honor to work hard for you.

Life is good!

CALL: (301)943-4370

o.(301)718-4100 - ask for Adam
Adam Bashein
Licensed in MD & DC
Weichert Realtors

Should you be buying a home or investment property with the recent report of apartment vacancies down and rental prices up? - good article about the strong rental market.

Have you been renting a home/apartment? Have you noticed that the rental prices have been going up? If so, you should talk to a lender,see how much of a loan you can get approved for and if your monthly rent would come out to being more or near the same dollar amount as buying a home and having a potential mortgage (and condo fee/h.o.a. fee if applicable). If you don't plan on staying on the area for a long period of time,then maybe renting is the best scenario for you,since we can't predict what your home would be worth in a year or two. On the other hand,you should also consider buying the home and if you move to keep it as an investment property. Evaluate this option with a financial planner or somebody close to you.

Have you thought about "moving up" to a larger spacee or "downsizing" because you have 'too much house', but are uncomfortable making a move now because of the market uncertainty, concerned at what price you can sell your current home? This is a great market to move up in for sure and it also a perfect time to think of "holding onto" your current home and turning it into an investment property because of the demand for rental homes verses the availability of rental properties (based on community you live in). Consider if you would be happy with what you would net in a home sale and if a potential monthly rent would cover your current mortgage or come very close to covering your current mortgage (if you haven't paid off your mortgage). If you are not happy where you would net on a potential home sale, especially if you could lose money on a sale, then holding onto your home as an investment propety may be a good solution. If you are happy with what you would net on a home sale, then the question that also comes into play is if you want it to be a long term investor or short term investor,verses just selling the home. The risk in holding onto a home where you are happy with the potential net proceeds on a sale today is that the home may not be worth the same in a year or two. The value can go up or go down. Also consider where you would put the money from a potential sale and if you would get a good or bad return. Talk to me about your home and we can evaluate the sales and rental market

If you have thought about buying an(other) investment property>,this is a great time to get in the market. It is a good supply and demand situation for landlords. As the article above shows,apartment vacancies are down and rental prices are going up. So you could have a large pool of potential renters and command a strong rent. There are good deals out there...a good supply of homes and amazing interest rates.
Around and in the Washington, DC area is a great location to own an investment property as many people move for jobs (including gov't jobs,jobs with the embassy, jobs in political offices) internships and school. If these people are not committed to living in the area for a long period of time,then they would be great potential rental candidates for you.

It is a great opportunity to add a piece of real estate to your portfolio, as both a place to live and a place to rent our,if the timing is right for you and it also works for you financially. I urge you to talk with a lender and financial planner.

I'd love to talk with you and yours about the home buying process both as a primary residence and as an investment property. I am here to help and always have time,greatly appreciate your referrals.

Life is good!

CALL: (301)943-4370

(o)301-718-4100 - ask for Adam
Adam Bashein
Licensed in MD & DC
Weichert Realtors

Tuesday, January 3, 2012

Similarities between renting your home to a friend/local person and a foreigner

I had an interesting conversation with Jody Beal, the Property Manager of Weichert Realtors in Washington, DC to discuss evaluating an out of town rental prospect for one of my listings.

One of the challenges with a potential renter who is moving to the area from out of the country is that if you run a credit check on them, they may have no credit history in the United States. So another step in evaluating whether a rental prospect is a good fit for your home financially is through verifying income. This could be challenging with someone who is not from the country. There may be some skepticism because of internet scams. So, what can you do? One thought is to tell the person you want copies of bank statements from the institutions they bank at as one mechanism to verify income. I also insist that the prospect give you a letter from the local employer he/she is moving to the area for, which verifies the person has a job and states the income. On its face you look at the ratio of the rent to the person's income to see if it the rent you are charging looks attainable for the potential renter and then you contact the employer to actually talk to a person in human resources to verify the employment, as a letter can be falsified.

As far as security deposit and upfront rent, you should either ask for cashier's checks or if you get a regular check, allow enough time to pass that you can see the
potential renter's security deposit check clear and not bounce.

Some people are skeptical of renting their homes out when they can run a credit check or know the credit rating will come up low for a potential renter. So they may not want to rent to someone who is moving to the area from out of the country. But if this is your thinking, then there may be a fair housing issue if you decide to rent your home to a friend or local who has never rented a home before, maybe just got out of college/moved out of family's house and has no credit history. Or the friend/local might have just lost his/her home to a short sale/foreclosure so the credit rating was damaged. But if you would still rent to this person but not rent to someone from out of the country due to credit issues, there maybe a fair housing issue.

If a foreigner finds out that you rented your home to a friend/local who has no credit or bad credit after you turned the foreigner down because he/she had no credit, he/she may have a claim against you. You can't simply say the person is a friend/local so I feel more comfortable. You certainly can't say that to your realtor or he/she has to tell you that might be a fair housing issue and refer you to a property manager, a real estate attorney. One solution for choosing a friend/local to rent your home when this person doesn't have credit history or has bad credit is to get a guarantor to also sign the lease (that the rent is guaranteed by another party of the renter doesn't have the money). But, then you might need to propose to a foreigner that he/she gets a local guarantor to sign the lease. You really need to ask a property manager and real estate attorney these questions.

It is a great market to own an investment property, whether it means purchasing a new investment property or buying a new home and keeping your current residence as an investment property. You just to be familiar with the local laws regarding renting houses and get a realtor who can help you find a renter in the quickest and profitable fashion. I am here to help.

Life is good!

CELL: (301)943-4370
o. 301-718-4100 - ask for adam
Adam Bashein
Licensed in MD & DC
Weichert Realtors

Monday, January 2, 2012

Changes coming up on the MD/DC regional sales contract with regard to home inspections

You should never waive a home inspection even if it is "for information only", meaning that the seller will not make any repairs. A home is one of the biggest investments that one will make and one has a responsibility to who him/herself to know the property condition of a home that he/she will live in (or rent out if investment property).

***There are proposed changes to the regional sales contract in MD/DC, where the home inspection addendum will no longer have one list of "property condition" items and a second list of other inspection items you want a seller to fix. This is probably because people have different opinions as to what is a property condition issue and what is not. It causes disputes in real estate transactions when agents and attorneys have differing opinions,which may cause a contract to fall apart.

Moving forward, if buyers really wants inspection items to be be repaired by the home sellers, the most likely scenario in which we will see this happen is when inspection item(s) will prevent a mortgage lender from funding the loan. This could be the case with FHA loans and other loan programs as well. So when we write a contract on a home you want to buy,we will address this important issue.

As a home seller,you want to look at the home inspection items with your realtor and determine what seem like big issues and small issues. You may even ask your agent to talk to the buyer's lender and/or lenders that your realtor works with to find out what they see as issues that could prevent a loan from being funded. If an item would prevent the loan from being funded if not addressed,I would give a lot of pause if I was a home seller to repairing the item to keep the deal together. For other items,I would get an idea of the costs...if they are expensive repair items,a buyer may give serious thoughts to cancelling a contract. At the same time, as a seller you should not be a pushover. Just because a buyer asks you to fix an item from the home inspection,don't automatically say yes. Really analyze the full picture. Do you feel the buyer is getting a good deal/fair deal,is making reasonable/unreasonable requests and again ask your agent to consult with a lender and ascertain what if any inspection items would prevent the buyer's loan from going through.

If you or someone you know is thinking of buying or selling a home,please let me know. I always have time for your referrals and am here to help.

Life is good!

Licensed in MD & DC
CELL: (301)943-4370

(o)301-718-4100 ask for Adam
Adam Bashein
Weichert Realtors